"China should adhere to the commitment it made to the international community, and the people of Hong Kong, to respect the rights of the people of Hong Kong,"

"Labor is a longstanding and consistent advocate for human rights and civil liberties, including the right to freedom of peaceful assembly," Ms Wong said in a statement.

The proposed amendments would allow the case-by-case extradition of suspected criminals - including Australians living or travelling through Hong Kong - to mainland China, Taiwan, and Macau.

The protests in Hong Kong are the largest demonstrations seen in the city since 2013. AP

More than 1 million protesters took to the street - and many clashed with police - on Sunday in Hong Kong in opposition to the bill. As many as 5,000 people joined similar demonstrations in Australian cities, according to local organisers.

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Hong Kong chief executive Carrie Lam, who was selected for the position in 2017 with Beijing's backing, said on Monday that the bill would proceed as scheduled.

A spokesman for foreign minister Marise Payne said the government is taking a "close interest in the proposed amendments... including to ascertain any impacts on Australian residents".

"We respect the right of people to protest peacefully and to exercise their freedom of speech," her spokesman said.

Australian businesses are among those alarmed by both the bill's immediate effects and its broader implications on commerce in the island city.

PwC Asia Practice Leader Andrew Parker said the proposed laws were "a matter of real concern for the business community".

"Businesses will be understandably worried about the nature of the legal system in China, and of potential encroachments on personal rights, freedoms, and privileges," he said.

Hong Kong is home to 100,000 Australian expatriates and 600 Australian businesses, according to the consulate-general.

The Australian Trade and Investment Commission describes Hong Kong as a business-friendly commercial hub, citing the "unique one country, two systems policy with its own currency, political and legal systems distinct from the mainland".

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Mr Parker said the extradition laws were unlikely to be a "death knell" for the special administrative region, but that it would cast doubt on one country, two systems.

"There's a potential for creating a chill around Hong Kong, and that would be a great shame," he said.

The Australian Financial Reviewpreviously reported that the Australian Consulate-General in Hong Kong had raised her concerns about the policy to the local government, while chief executive Lam sought to assure Australian business leaders that she would "safeguard fiercely" the rule of law.

The American Chamber of Commerce warned in March that the extradition law would harm Hong Kong's reputation as a "secure haven for international business".

Protesters march along a downtown street against the proposed amendments to an extradition law in Hong Kong. AP

Australia-Hong Kong Link, which helped organise the local protests, said it had been "disappointed" by the lack of response from the Coalition government.

Group convenor Zion Lo said the Chinese government's detention of Canadian citizens - businessman Michael Spavor and former diplomat Michael Kovrig - in 2018 showed that the lack of due process was a "trademark of the Chinese judicial system".

But Mr Lo said he was not optimistic that the extradition laws could be stopped.

"It will be a losing battle. But the reason why people came together is to send a message to our overseas brothers and sisters that you are not alone," he said.

Ms Lam said on Monday that she had not received instruction from Beijing regarding the bill, and maintained that the powers were necessary to address transnational crimes.

The Hong Kong Legislative Council will debate the bill on Wednesday, ahead of the law's potential passage by the end of June.